Alphabet Inc.’s business expanded faster than it has in more than a year after Google’s parent company reported a rebound in advertising that pushed quarterly revenue up 11% year-over-year.
Alphabet GOOGL, +1.69% GOOG, +1.61% reported fiscal third-quarter net earnings of $19.7 billion, or $1.55 a share, compared with net earnings of $13.9 billion, or $1.06 a share, in the year-ago quarter. Despite the better-than-expected results, Google’s stock initially dropped nearly 6% in extended trading Tuesday before briefly rallying.
During a conference call with analysts late Tuesday, Porat said cloud growth “remained strong across geographies, industries and products,” but its rate of expansion “reflects the impact of customer optimization efforts,” a phrase that generally refers to clients cutting back on spending. Google’s total advertising sales climbed to $59.65 billion from $54.5 billion a year ago, but edged analysts’ average expectations of $59.2 billion. Google Cloud brought in $8.4 billion, compared with $6.9 billion last year. YouTube ad sales rose to $7.95 billion from $7.07 billion a year ago.
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